The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K business loan.
All you need to start is your contact information (company name, your name, email and phone) and the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will require confirmation of your identity, but not before we can begin:
After we start with loans of more than $150,000 you’ll need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
Apply to get the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and have the funds on your account within 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. Our company loan is an upfront priced loan therefore you’ll be aware in advance of the total amount due, which includes any interest, fees or charges. This is then broken down into either weekly or daily amount to be paid back.
A Small Business Loan can be used for virtually any business reason, such as control of cash flow company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
This Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the company needs to have been trading for at least 3 years and generate an annual revenue of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger business loan can be used for almost every company use, including company remodeling, buying new equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge on assets and can include the registration of this with the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is generally based rather than defining the security for a particular asset. The person who is signing the guarantee is personally responsible if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR allows preference over private property granted according to the date a security interest was registered.
Caveats are legal form of document to offer the legal claim to a property.
If you’re seeking a Larger Business Loan that exceeds $250K, we may offer an initial pre-approval that will help smooth out the process. It is possible to do this without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial well-being checks. This is neither an offer nor a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you receive could be on different conditions.
You are eligible to apply for an business loan if you;
The application process is quick and easy. Just complete the online application in few minutes and an experienced business loan specialist will call you to assist you.
To apply for up $100,000 you’ll need ID details (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent, 12 months of bank statements, IRD statements, last 2 years finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) we typically provide a response in one hour, provided you submit your request within standard business times and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements we can provide a decision within just an business day.
For the Larger Business Loan ($100K or more) we may be likely to offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Some offers have been approved in 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours and allow us to use the advanced bank verification system to verify your bank account information online. If you choose to upload the copies of bank accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – provided you make your application in standard business times and allow us to use the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your bank statements, we are able to provide a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of provide you with a conditional pre-approval within six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Some agreements have been approved in 24 hours.
The quickest method for you to apply is make sure you apply during standard business hours. Also, allow us to use the advance bank verification link to check your bank’s information online. If you send us the copies of bank accounts, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we consider a variety of variables for determining the well-being for your business and the extent of repayments that your company can support. The total amount of your loan will be contingent on the particular circumstances of your business.
When you make an application for a certain amount, we consider a variety of factors to determine the health of the business and the amount of the repayments your business will be able to support. The total amount of the loan will be determined by the specific circumstances for your business.
When you make an application for the business financing, we will assess the risk profile that you have for your business and offer an individualised proposal that includes the loan amount, the terms and interest rates. A company loan is an upfront-priced loan which means you be aware in advance of the total amount payable including any charges, interest rates or fees.
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the business assets the funds will be used for as well as the field the business operates in, how long the business has been operating and in the event that the company has enough cash flow to pay for the loan, as well as the overall health or creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll know precisely how much you’ll be required to pay and when, right from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You can get a cash loan without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay all of your loan at any point in time.
If you are deciding to do this please speak to our friendly company credit professionals. They’ll offer you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of early payout plus 1.5% of the principal balance as well as any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow standard, we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated company account.
Protecting your information, and making it clear how we collect the information we collect, use, share and safeguard your data, is vital and is an essential aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We use an advanced banking verification system to immediately confirm your bank account information online so we can offer an immediate response.
The term "asset-based" refers to borrowing where the company owner uses an asset they own to make the loan. The asset can be an individual asset, such as the family home, or an company asset such as a vehicle or piece of equipment.
The vast majority of the lenders not just the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan then your assets could be transferred to the lender. In essence, it is means of securing new financing making use of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds however, we do need a personal guarantee. So long as you comply with your loan obligations (as specified in your loan contract document) Asset security is not needed. For loans that exceed $150K, generally there is an individual ensure and security in the form the charge of assets.
